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To attract customers To avoid lawsuits To maintain a good reputation Making decisions that we know are different from what is right erodes our self-esteem. providing safety equipment and training for their workers, increasing the diversity of their workforce [B] Bribery Which of the following is NOT a part of an integrity-based ethics code? Top management at Lancer Distributing is convinced that they have a social responsibility to their community. These actions are The first day on the job waiting tables at a popular restaurant, Amber noticed that when one member of the waitstaff was serving a very large party, the other waiters would help carry food to the tables and even check to make sure water glasses were filled. A. Ethical Dilemmas: How Scandals Damage Companies True false question. 'Business' can also mean an entity that offers goods and services for exchange, i.e., that sells things. Both economics and culture enter into the discussion of fairness concerning international suppliers who do business with U.S. firms. Business Ethics is important because it helps organizations create a code of conduct that they can rely on to make decisions. capitalism Part-time co-worker 3. Multiple choice question. Putting Ethical Design into Practice. A person who demonstrates ethical behavior demonstrates a strong moral code and a consistent set of values. ethical officers [C] lack of trust in the free market system Resource procurement and consumption practices All of the following are reasons why a business should be managed ethically except: A. because it is the right thing to do. Even small companies participate in _______ through donations and volunteer support of local causes and national charities, such as the Red Cross and the United Way. (D) businesses cannot succeed in societies that fail. Those who exemplify ethical behavior do the right thing regardless of whether they get credit for it. B. maintaining proper accounting procedures. How to Write a Self-Assessment: 5 Tips to Improve Do Not Sell/Share My Personal Information, Limit the Use of My Sensitive Personal Information. Business ethics concerns ethical dilemmas or controversial issues faced by a company. E. law. The corporate scandals can hurt the reputation of firms, the interests of investors and stakeholders, welfare of employees, the life damage or property losses of customers and the damage of environment. This includes managers and subordinates, peers and clients. Need help writing your own self-assessment for a performance 26 Great Business Ideas for Entrepreneurs, The Best Small Business Government Grants in 2023. Corporate social responsibility is a business's concern for: Those who oppose corporate social responsibility believe that for the welfare of society as a whole, about being fair and honest with their stakeholders Noone\underline{\text{No one}}Noone attitude has improved as much as his\underline{\text{his}}his has. actual ethics. True Which of the following is not one of the approaches associated with corporate social responsibility? E. all of the answers are correct. corporate social initiative likely to perform worse financially, Many companies believe they have a role in promoting ______ ______ that goes way beyond simply "giving back." Which of the following statements is false? fairness, honesty, openness, _____________________________are insiders who report illegal or unethical behavior. Rohit Sharma - Lead Technical Product Manager - LinkedIn Multiple choice question. Periodically asking every employee to evaluate the company's ethics performance. internal investigation. information technology B. varies even among those who are interested in corporate responsibility. D. Philanthropy E. Altruistic, Which of the following is NOT one of the "Market Assessment and Strategy Development" responsibilities? The Sarbanes-Oxley Act and Ontario's Bill C-198 were both passed to A. punish those who committed accounting fraud in the late 1990s. TV ads Multiple Choice The most basic question in an ethics-based management system is. \end{array} of or relating to ethics; involving or expressing moral approval or disapproval; conforming to accepted standards of conduct See the full definition ethical standards in the U.S., but unfortunately foreign leaders are not being subjected to ethical scrutiny. government-supported direct mail campaigns Though there are many ethical opinions that most people share, ethics will differ from person to person. In addition to researching trends, reviewing products and writing articles that help small business owners, Sean runs a content marketing agency that creates high-quality editorial content for both B2B and B2C businesses. Nike suffered criticism due to its __________ _____________ violations in their overseas manufacturing facilities. D. Deceptive advertising of food products E. All of the answers are correct, As a new employee, Vanessa has heard her boss say, "Do whatever it takes to meet your sales quota. This is an example of corporate: social media it prevents government audits, Which set of ethics codes emphasizes preventing unlawful behavior by increasing control and penalizing wrongdoers? [C] only to compete and make a profit Responsible business behavior depends on the responsible behavior of each ______ in the business world. Ethical issues are limited to for-profit organizations. Multiple Choice True Economist Milton Friedman believed that a business's only social responsibility was to make ____________ for its owners and that anything else was socialism. Multiple choice question. allow for complete anonymity, When implementing a new ethics program, businesses must also communicate the changes to outside parties such as: P 145 avoiding lawsuits is one reason to manage a - Course Hero Here are five reasons why you should keep things legal and follow business ethics in accounting. E. Employee benefit programs. 22. Ethical behavior has significant upfront costs which may never be recovered. How are these two rates measured? A. Whistleblower 'Business Ethics' can be termed as a study of proper business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary responsibilities. that only society's health is improved when they invest in companies whose goods and services benefit the community \text{Direct materials} & \text{\$ 3.10}\\ Why You Need to Create a Fantastic Workplace Culture, 10 Employee Recruitment Strategies for Success, Best Accounting Software and Invoice Generators of 2023, Best Call Centers and Answering Services for Businesses for 2023. Demanding Ethical and Socially Res, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Natuurwetenschappen eerste jaar examen trimes. Studies have found a _____ correlation between academic dishonesty and dishonesty at work. The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: A systematic evaluation of an organization's progress toward implementing socially responsible and responsive programs is called: How are U.S. companies likely to pressure foreign companies to change their standards of ethics and social responsibility? Unethical behavior by financial and real estate businesses has led to C. a loss of employee commitment and trust in the company and its management. compliance police. An important factor in enforcing an ethics code is: This is somebodyelse\underline{\text{somebody else}}somebodyelse notebook. Which of the following are reasons a business should be managed ethically? Uploaded By Coleton99; Pages 108 Ratings 100% (5) 5 out of 5 people found this document helpful; \text{Total production cost} & \text{\$ 9.20}\\ [A] is costly, but worthwhile in reaching specific customers A company's effectiveness and financial performance are most affected by responsible _________ _________ management. Explanation A few months ago, Paulie's Pizza House, a large nationwide chain of restaurants, purchased one of its competitors, Italian Stallion Pizza Stations, for $800 million. An important factor in enforcing ethics codes is selecting a(n) _________________ __________________. benevolence can lead to a vote of no confidence by company stakeholders. A leader designing an ethical culture should try to create contexts that keep ethical principles top of mind, reward ethics through formal and informal . [D] businesses with good reputations attract customers. B. Maria Juarez is a professional tennis player, and your firm manages her money. The common good is a notion that originated more than 2,000 years ago in the writings of Plato, Aristotle, and Cicero. Honorees on this year's list of the World's Most Ethical Companies outperformed the Large Cap Index by 10.5 percent over three years. A. reduced employee turnover. <br> I . Assessment-driven ethics codes, Who sets the standards of right and wrong as defined by ethics? Taking Advantage of the Advantages: Gifts, Bribes, and Kickbacks A(n) _________________ ___________________ethics code creates an environment which supports ethically sound behavior by stating an organization's guiding values, shared responsibilities, and accountability. ______________________behavior can add to the bottom line while _______________________behavior can ruin companies financially. promotions, The dimension of social responsibility, which includes certain aspects such as producing low-emission vehicles, is called: because strict global regulations require it Corporate values are: Unethical businesses also lose favor with consumers. An important factor in enforcing ethics codes is selecting a(n) ________ ________. . Explanation Ethical behavior means your team operates according to fair and transparent standards, not just complying with legal rules or regulatory requirements, but going above and beyond to ensure decisions are applied through an ethical lens. Multiple choice question. Source interviews were conducted for a previous version of this article. school districts A business should be managed ethically for many reasons to maintain a good. D. Integrity watchdog. One employee whose name was at the top of everybody's list was instrumental in helping another employee who failed to wear his protective headgear to avoid suffering a serious head injury. Which of the following is a reason why a business should be managed ethically? This guide breaks down the importance of business ethics and how to establish an ethical culture in your company. They should display behavior that is honest and fair in their relationships with co-workers and their. Use the context of the sentences and what you know about the Latin root -cred- to explain your answer to each question. Business ethics inform a company's values and goals, as well as how it runs its day-to-day operations. [D] requiring all bankers to sign ethical codes. A number of ethical scandals in the past decade have raised awareness of ethical issues in business. It may just be the cornerstone of your success. going to save money by not hiring those who are disabled ______ of the ethics code in a timely manner is the most forceful way to communicate its importance. There are a number of reasons why businesses should act ethically: to protect its own interest; to protect the interests of the business community as a whole so that the public will have trust in it; to keep its commitment to society to act ethically; to meet stakeholder expectations; to prevent . Maximizing ethical conflict in work groups The monetary award may total as high as 30% of the amount collected for violations that exceed $1 million. Business ethics helps to optimize company resources. it reduces laws and regulations draw more customers, Many investors believe Business Ethics refers to carrying business as per self-acknowledged moral standards. [B] it increases the likelihood of government intervention Integrity-based ethics is informal company behavior that evolves from individuals' desire to make things better for all. True or false: Social responsibility and ethical problems exist primarily in the U.S. because we have more laws about those problems. It also builds customer loyalty over time, creating a customer base that is likely to refer your business to others. \text{Service Revenue} & 80,000 & \text{Accounts Payable} & 4,300 \\ Although these actions were not part of the mandatory waitstaff training, Amber perceived that waitstaff members who were not helping out were not viewed as team players by the majority of employees. social audit. Noones;C\underline{\text{\color{#c34632}No ones; C}}Noones;C. Due to the fact that it is not yet public, those who act upon the information have an unfair advantage and stand to gain financially. Depreciation is due to obsolescence rather then wear and tear. An integrity-based ethics code defines the organization's guiding values, creates an environment that supports ethically sound behavior, and stresses shared accountability. On the flip side, a leader who personifies ethical behavior will be fair in all situations. U.S. companies follow the lead of consumers, and at this time, there is no evidence of a trend toward concern for better human rights and environmental standards. the fastest way to demoralize your stakeholders is to spend too much money supporting social issues, such as having employees assist in community efforts. Decorating Arrangements has just completed operations for the year ended December 31, 2016. \text{Common Stock} & 8,500 & \text{Accounts Receivable} & 7,500 \\ Multiple choice question. whistleblowers Are Workplace Politics Destroying Your Business? B. helping others for the welfare of society as a whole, True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand. B. ability to plan for the unexpected. E. filing complaints with the company. A. Multiple choice question. socialism In fact they contribute to it: 1. The primary value of using social media to communicate CSR efforts is that it allows companies to reach broad and diverse groups, allows them to connect directly with customers in a low-cost, efficient way, and enables them to interact with specific groups more easily than through more traditional efforts. TRUE There are many reasons why a business should be managed ethically : ( 1 ) to maintain a good reputation , ( 2 ) to keep existing customers , ( 3 ) to attract new customers , ( 4 ) to avoid lawsuits , ( 5 ) to reduce turnover , ( 6 ) to avoid government intervention , ( 7 ) to please customers , employees , and society , and ( 8 ) because it is the right thing to do . Serves as full-time, tenure tracked Business Instructor for the college's Bachelor of Applied Science in Organizational Management (BAS-OM) program, teaching classroom, hybrid, and online courses. Cari Miller, MBA, CMP, FHCA - Sr. Principal - LinkedIn We covered: How data teams can actually design ethical ML models, after .